This archive report was first published on 26 October 2019.
President Vladimir Putin announced Russia's goal to more than double its trade with Africa to $40 billion in five years at the first Russia-Africa Summit in Sochi, attended by over 40 African heads of state.
Currently, trade between Russia and Africa stands at around $20 billion, a mere 10% of China's $200 billion trade with the continent.
President Putin stated, 'We plan to expand trade and economic co-operation. We believe that we can bring it to higher levels and reach at least $40 billion.'
Russia has already cemented military co-operation deals with 30 African countries, with President Putin stating that there is a 'technical co-operation' in place, making the target achievable if more countries on the continent take up Russian arms.
He added, 'Our military and military technical co-operation is aimed at strengthening African armed forces' combat capability.'
President Putin also revealed that Russia has MTC agreements with over 30 countries, supplying them with a wide range of armaments and equipment, with some of these supplies provided free of charge.
Some of the countries with which Russia has had defence co-operation or supply deals include Uganda, South Sudan, Sudan, and Central African Republic, as well as Mozambique.
At the Summit, Russian oil company Lukoil signed a memorandum for drilling rights in Equatorial Guinea and Nigeria, while nuclear energy firm Rosatom signed MoUs to establish nuclear power stations in Ethiopia, Rwanda, Egypt, and Kenya.
Energy is emerging as an important area of economic co-operation between Russia and Africa, with Moscow eyeing joint projects in traditional sectors such as hydrocarbon production, construction, and repair of power generation facilities, as well as peaceful nuclear energy and the use of renewable energy sources.
President Putin assured African leaders that Russia would not impose conditions or force countries into projects not beneficial to them, a statement aimed at Western rival economic powers in Africa.
